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Study on future monetary union Curaçao and St. Maarten

WILLEMSTAD–A study into the future of Curaçao’s monetary union with St. Maarten will be initiated in the coming months, Minister of Finance José Jardim announced during the weekly press conference of the Council of Ministers.

The study already had been called for in the governing accord of the current PS/PAIS/PNP/Sulvaran coalition, which mentions that there is consensus on evaluating the operation and effectiveness of the monetary union.

According to the policy document, the interest of Curaçao has to be the point of departure. Based on the results of this study, the two countries are to decide on further actions and steps.

As yet they are part of an agreement at the Kingdom level from 2006, which stipulates there will be one central bank for both countries, with one set of legislation and one monetary, financial and integrity supervisor. However, both governments have indicated repeatedly they are not happy at all with the functioning of the monetary union.